Upstream energy firm ConocoPhillips COP will release first-quarter 2016 financial results on Apr 28, before the opening bell. The company has a mixed earnings history. ConocoPhillips met/beat the Zacks Consensus Estimate in three and missed in one of the trailing four quarters. In the last reported quarter, the company delivered a negative earnings surprise of 40.63%. Why a Likely Positive Surprise? Our proven model shows that ConocoPhillips is likely to beat earnings because it has the right combination of two key components. Zacks ESP: Earnings ESP, which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate, is +1.84%. This is a meaningful indicator of a likely positive earnings surprise for shares. Zacks Rank: ConocoPhillips carries a Zacks Rank #3 (Hold). Note that stocks with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 have a significantly higher chance of beating earnings. Conversely, the Sell-rated stocks (Zacks Rank #4 and 5) should never be considered going into an earnings announcement, especially when the company is witnessing negative estimate revisions. The combination of ConocoPhillips’ Zacks Rank #3 and +1.84% ESP makes us confident of an earnings beat this season. What's Driving the Better-Than-Expected Earnings? ConocoPhillips boasts leading positions in both natural gas and heavy crude oil in North America as well as a legacy position in the North Sea. The company also enjoys growing exposure to lucrative international regions. These should help ConocoPhillips to replace reserves and sustain production growth over the long term. ConocoPhillips expects first-quarter production from continuing operation of 1,540−1,580 million barrels of oil equivalent per day (MBOED), higher than the daily average production of 1,525 MBOED in full-year 2015. Despite cuts in capital spending, ConocoPhillips expects major capital projects to be brought online. This is expected to facilitate production growth of 1% in 2016. The company also anticipates lower operating expenses during this period. Guidance for 2016 operating costs has been reduced from $7.7 billion to $7.0 billion. Other Stocks to Consider Some other stocks from the energy space which, according to our model, also have the right combination of elements to post an earnings beat this quarter. SunCoke Energy Inc. SXC has Earnings ESP of +150.00% and a Zacks Rank #1. The company is expected to release earnings on Apr 27. Chesapeake Energy Corp. CHK has Earnings ESP of +9.09% and a Zacks Rank #2. The partnership is anticipated to release earnings on May 5. Cobalt International Energy, Inc. CIE has Earnings ESP of +9.09% and a Zacks Rank #2. The company is likely to release earnings on May 3. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CHESAPEAKE ENGY (CHK): Free Stock Analysis Report COBALT INTL EGY (CIE): Free Stock Analysis Report CONOCOPHILLIPS (COP): Free Stock Analysis Report SUNCOKE ENERGY (SXC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research